WhiteFiber Brings All 40 MW of NC-1 Into Service

The Tip Desk · November 12, 2026 · 3 min read

The company cut its year-end 2026 capacity target to 65 MW (gross) and now has five customers after $1,447 million of new customer orders for GPU and CPU/storage capacity.

WhiteFiber, Inc. (WYFI), an AI infrastructure provider of high-performance computing data centers and GPU cloud services, said it commenced billing on August 15, 2026 for the initial 20 MW of contracted capacity at its NC-1 facility under the Nscale Services Agreement, with that capacity placed into service on September 23, 2026. As of the report date, the remaining 20 MW became operational, bringing all 40 MW of contracted IT capacity at NC-1 into operation.

The Nscale initial Service Order represents approximately $865 million in total contracted revenue over a 10-year term, inclusive of contractual annual rate escalators and non-recurring installation services, with electricity and certain other operating costs structured as pass-through charges.

The company cut its year-end 2026 operational data-center capacity target to an estimated 65 MW (gross), from 70 MW (gross) in the June 30 report and 76 MW (gross) in the March 31 report. It now underpins that target with MTL-1, MTL-3 and NC-1 rather than MTL-2, MTL-3 and NC-1. Construction at MTL-2 is expected to begin during the fourth quarter of 2026, after earlier reports had said the company had prioritized other builds and preserved capital for more time-sensitive projects. An additional 65 MW (gross) remains in development at MTL-2 and Yadkinville properties.

On August 16, 2026, WhiteFiber entered the Yadkinville Agreement to acquire two North Carolina properties for $60.0 million in cash, including a $2.25 million escrow deposit; the transaction closed on October 28, 2026. Occupancy and partial leaseback arrangements are expected to offset a portion of property carrying costs as development advances.

Customer concentration shifted. The company now has five existing customers, down from seven as of the June 30, 2026 report. The largest customer accounted for approximately 50% of cloud services revenue during the nine months ended September 30, 2026, versus approximately 63% of revenue during the six months ended June 30, 2026. Discontinued orders resulted in approximately $5.1 million of revenue impact during the nine months ended September 30, 2026.

New customer orders contracted in the nine months ended September 30, 2026 and through the report date totaled approximately $1,447 million over a six-months-to-five-year period, up from $635.8 million over a six-months-to-three-year period as of the June 30, 2026 report.

In the third quarter the company entered leases for 2.5 MW IT load Tier-3 space in Sydney, 2.7 MW IT load Tier-3+ space in Paris, and 2.0 MW and 2.7 MW IT load data centers in Canada. The June 30 report had said the Sydney lease was scheduled to commence in the fourth quarter of 2026 and did not list Paris or the additional Canada leases.

In August 2026 the company entered a five-year service order with an existing customer for 576 Nvidia B300 GPUs in Iceland, targeted to commence in the fourth quarter of 2026, and a 36-month order with Prime Intellect for 576 VR200 (Vera Rubin) GPUs in Canada, targeted for the first half of 2027, described as the first Vera Rubin deployment.

The Initial Customer termination fee, originally $12.3 million and recognized in the second quarter of 2026, was amended to $15.7 million in the third quarter and fully collected as of September 30, 2026; the June 30 report had said the amended $15.7 million remained outstanding.

DNA Fund collections remained $2.2 million of a $7.3 million outstanding balance, with approximately $5.1 million still unpaid; all scheduled installment payments are now past due and no payments have been received since April 2026.

The pipeline of potential data-center projects remains approximately 1,500 MW (gross) under management review.